Crescent Capital BDC (NASDAQ:CCAP) Share Price Breaks Above 50 Day Moving Average – Here’s What Happened

Shares of Crescent Capital BDC, Inc. (NASDAQ:CCAP) crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $9.44 and traded as high as $10.41. Crescent Capital BDC shares last traded at $10.38, with a volume of 533,794 shares.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Wall Street Zen raised shares of Crescent Capital BDC from a “sell” rating to a “hold” rating in a report on Saturday, October 10th. B. Riley Financial cut their target price on shares of Crescent Capital BDC from $13.50 to $12.50 and set a “neutral” rating for the company in a research note on Wednesday, August 12th. Zacks Research upgraded shares of Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 21st. Bank of America downgraded shares of Crescent Capital BDC from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $13.00 to $10.25 in a research report on Thursday, September 10th. Finally, Raymond James Financial set a $10.00 price target on shares of Crescent Capital BDC in a research note on Thursday, October 22nd. Seven equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, Crescent Capital BDC currently has an average rating of “Hold” and a consensus price target of $11.54.

Crescent Capital BDC Trading Down 1.5%

The stock’s fifty day moving average price is $9.43 and its 200-day moving average price is $11.49. The firm has a market cap of $372.19 million, a price-to-earnings ratio of 6.41 and a beta of 0.56.

Crescent Capital BDC (NASDAQ:CCAP) last announced its quarterly earnings results on Monday, November 9th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. Crescent Capital BDC had a negative net margin of 0.10% and a positive return on equity of 8.74%. The business had revenue of $36.89 million during the quarter, compared to analysts’ expectations of $36.37 million. Analysts predict that Crescent Capital BDC, Inc. will post 1.49 earnings per share for the current year.

Crescent Capital BDC Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $1.36 dividend on an annualized basis and a yield of 13.5%. Crescent Capital BDC’s dividend payout ratio (DPR) is presently -13,600.00%.

Insiders Place Their Bets

In other news, major shareholder & Guaranty Life Insur Fidelity sold 139,054 shares of Crescent Capital BDC stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $10.23, for a total transaction of $1,422,522.42. Following the sale, the insider owned 3,680,307 shares in the company, valued at approximately $37,649,540.61. The trade was a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 451,543 shares of company stock valued at $4,689,738 over the last three months. 1.23% of the stock is owned by insiders.

Institutional Investors Weigh In On Crescent Capital BDC

Several hedge funds have recently made changes to their positions in the business. Condor Capital Management boosted its holdings in Crescent Capital BDC by 0.7% in the 3rd quarter. Condor Capital Management now owns 281,799 shares of the company’s stock valued at $2,587,000 after purchasing an additional 1,840 shares in the last quarter. SMH Capital Advisors Inc. purchased a new position in shares of Crescent Capital BDC in the 3rd quarter valued at about $143,000. Beach Point Capital Management LP increased its holdings in Crescent Capital BDC by 1,301.2% in the third quarter. Beach Point Capital Management LP now owns 515,892 shares of the company’s stock valued at $4,736,000 after buying an additional 479,075 shares in the last quarter. TT Capital Management LLC increased its stake in Crescent Capital BDC by 9.2% in the 3rd quarter. TT Capital Management LLC now owns 27,600 shares of the company’s stock valued at $253,000 after purchasing an additional 2,333 shares in the last quarter. Finally, Adams Asset Advisors LLC raised its stake in shares of Crescent Capital BDC by 8.4% during the 3rd quarter. Adams Asset Advisors LLC now owns 119,066 shares of the company’s stock worth $1,093,000 after buying an additional 9,238 shares during the last quarter. Institutional investors and hedge funds own 49.46% of the company’s stock.

About Crescent Capital BDC

Crescent Capital BDC, Inc. is a business development company that provides financing to middle-market businesses. It is externally managed by Crescent Capital Group LP, an alternative credit investment manager. The company invests primarily in debt, including first- and second-lien senior secured loans and subordinated debt, and may also make equity investments. Its portfolio focuses mainly on U.S. companies. Crescent Capital BDC began investment operations in 2015. Through its financing activities, it aims to support the business needs of middle-market companies, including growth and other strategic initiatives.